020 7625 9007

Five tips for new landlords

Andrew Binstock

You’ve decided to take the plunge and become a landlord. Congratulations. With rental property continuing to be in high demand, BTL mortgage products competitively priced, and with the cost of rent rising in many areas, letting property out remains a lucrative business.

That said, becoming a landlord for the first time can be daunting and is not without its challenges.

Check out the following five top tips for first-time landlords.

Research and understand your legal duties

Landlords have a number of legal responsibilities and it’s important you are aware of such regulations and comply to all of them. Some of the current legal duties include getting an Energy Performance Certificate (EPC), protecting the tenant’s deposit, carrying out right to rent checks, getting Gas Safety certificates and ensuring all electrical appliances are safe.

Market the property to suitable tenants

Take the time to get to know the area your rental investment is in and then market it to the most suitable tenants. For example, if the property is in a city or near a train station, it might be most suited to professional tenants. Or, if it’s in a university town with a heavy student population, you might want to let it out to students.

Get a tenancy contract drawn up

It is highly recommended to get a tenancy agreement drawn up when you let out a property. This legally binding contract will protect you, your property and tenants from potential disputes related to the likes of rental costs, the deposit and length of contract.

Get landlord insurance

When letting property out, it’s important you have a landlord insurance policy in place to cover you from financial losses that you might incur.

Come to a property maintenance agreement

Prior to having a tenant move in, you should discuss who is responsible for different aspects of maintaining the property. For example, who will be in charge or mowing the lawn or replacing lightbulbs, and so on.

It can be a good idea to have maintenance agreements drawn up into the tenancy agreement.

If you are looking for a buy-to-let investment in London, the south east or anywhere in the UK, buying at auction can be a great way to secure your perfect rental home for the right price.

Check out the lots available in our forthcoming property auction in London.

Latest articles

Why young professionals are opting to rent HMOs

Savvy investors recognise that HMOs (Houses of Multiple Occupancy) make excellent investments, often providing higher monthly yields that...

Study shows rents in Britain unaffected by tenant fees ban

Despite warnings being made that rents were set to rise when the government’s ban on tenancy fees came into force, there is little...

Top tips when letting a home in the autumn

Spring might be widely considered the best time to let a property, but autumn can also be a good time to find the ideal tenant, as many...

Current auction

Sign up for our newsletter

Back to Blog


Click here

Next Auction

12pm on the 12th February 2020

London Marriott Hotel Regents Park, 128 King Henry's Rd, London NW3 3ST



Click here

Contact us

Use the form below to get in touch